Oriental Daily , 16 August 2011 - Dijaya and Iskandar to purchase land for RM220 million

Oriental Daily , 16 August 2011

Property Development Group (DIJACOR, 5401, main property stock) announced that it has acquired land in Plentong for RM220 million for a joint-venture development project.

The above-mentioned land was purchased by Magical Heights Sdn Bhd. Magical Heights is a 50-50 joint-venture between Dijaya Corp’s wholly-owned subsidiary, Accroway Sdn Bhd, and Iskandar Waterfront Sdn Bhd. Both are responsible to plan and develop this property project.

This is the second time Dijaya Corp bought land in Iskandar since last year. In August last year, it bought two parcels of 12 ha land overlooking the Straits of Johor for RM308 million. This development will include office and commercial properties, hotel and shopping complex.

With the two land purchases, Dijaya has, to date, invested a total of almost 107 ha of land banks in Iskandar.

As reported, the land bought by Dijaya is overlooking the Straits of Johor, which is just next to another prominent project called Senibong Cove. Initially, this new project will be known as Tropicana Danga Cove. This will consist of middle- to upper-middle residential and commercial properties.

Dijaya Managing Director said that the above mixed property project will have a gross development value (GDV) of RM2.8 billion and this will keep them busy for at least eight years.

Today, Dijaya’s representative signed the joint-venture agreement between DIjaya and Iskandar Waterfront Sdn Bhd (IWSB), through Trident World Sdn Bhd in the Johor Menteri Besar’s office. This was witnessed by the Johor Menteri Besar Datuk Abdul Ghani Othman.

Those present include Dijaya Group Chief Executive Officer YBhg Tan Sri Tan Chee Sing, Dijaya Managing Director, Iskandar Waterfront Sdn Bhd (IWSB) Chairman Johar Salim Yahya and Trident World Sdn Bhd Director Lim Kien Yuen.

Tan Sri Tan said that Dijaya bought land in Iskandar corridor for its next investment target is exactly what Dijaya wants for its expansion strategy in the southern region.

“Plentong is a mixed development township which comprises of both residential and commercial properties. This development project will be able to meet the increasing population growth in Johor in the future.”

Datuk Abdul Ghani Othman expressed that though the world’s economy is not so positive, there are still several prospective investors eyeing the major property developments in Iskandar Malaysia. It is therefore expected that the investment in the Iskandar development project will continue to rise in the future.

Datuk Abdul Ghani Othman (middle) witnessing the exchanging of documents with Johar Salim Yahya (left) and YBhg Tan Sri Tan Chee Sing (right).